TotalEnergies announced this Friday it joined the world’s largest clean hydrogen infrastructure fund; an initiative being launched by energy companies all over the world aiming to reach 1.5 billion euros to accelerate the growth of the clean hydrogen ecosystem.
Firstly, the fund has already secured initial commitments of 800 million euros. Its objective is to invest in strategic projects leveraging the alliance of industrial and financial players. The entire value chain of clean hydrogen will be a matter of interest to the fund. It would launch projects across the Americas, Asia, and also Europe.
Secondly, by leveraging industrial expertise from its partners, the fund will have a unique capacity to unlock large-scale projects under development; to accelerate the scaling up of hydrogen markets.
Moreover, the fund should contribute to hydrogen projects with a total value of 15 billion euros. It would do so with the support of public policies, according to the statement.
Therefore, the fund is truly one of the biggest initiatives for the development of a clean hydrogen industry at scale in the world. Particularly for TotalEnergies, the joining of the fund is a strategy to advance its commitments further to get net-zero by 2050.
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TotalEnergies advancing its commitment to reach net-zero
Abut this matter, Patrick Pouyanné, CEO of TotalEnergies, said. “We believe that clean, renewable hydrogen will play a key role in the energy transition.”
Also noting that “TotalEnergies wants to be a pioneer in its mass production. We are currently working on several projects, notably to decarbonize the grey hydrogen used in our European refineries by 2030.”
He also remarked. “We are convinced that a collective effort is needed to kick-start the hydrogen sector and take it to scale. We are thus proud to launch and invest in the Clean hydrogen infrastructure fund, which will also give us privileged insights in the sector.”
Furthermore, alongside TotalEnergies, other leading companies announced their joining to the fund. Those are Air Liquide, VINCI, LOTTE Chemical, also, AXA, EDF, among others. However, some companies will act as anchor investors, and other as non-anchor. TotalEnergies, Air Liquide, and VINCI will participate as anchor ones.
On the other hand, the fund will be managed by Hy24, a brand new 50/50 joint venture between Ardian, a world-leading private investment house; and FiveT Hydrogen, a clean hydrogen enabling investment platform.
Finally, Benoît Potier, Chairman and CEO of Air Liquide, declared. “Hydrogen has become a central element of the energy transition. The time to act is now, not only as companies on a stand-alone basis, but by joining forces with states, other industry groups and the financial community.”
